[b]President Goodluck Jonathan said in Kaduna yesterday that the nation’s external reserve has grown from $32 billion as at November 2010 to $36 billion as at end of last month.

The President also restated his adminsitration’s commitment to conducting a free and fair elections next month. Jonathan spoke at the Northern Economic Summit.

Central Bank of Nigeria Governor Sanusi Lamido Sanusi said Nigeria cannot develop as long as industries were made to compete with those of advanced economies.

The President said the nation’s economy performed creditably in 2010.

According to him, "the growth in our economy in 2010 was driven basically by the non-oil sector especially agriculture. There has also been an improvement in our crude oil sector made possible by our administration’s implementation of the amnesty programme in the Niger Delta region.

"It is gladdening to note that our external reserve has assumed an upward ride from $32.5 billion in September 2010 to $36 billion in February 2011. The various programmes embarked upon by government over the years have enabled the economy to recover from the global economic crisis".

He also said the federal government would partner with the various state governments in the economic development of the country, adding that in this regards, the National Bureau of Statistics is compiling statistics of the gross domestic product in the various states.

Jonathan described the summit "as a defining moment in Nigeria’s economic and political history. It is a time that calls for deep reflection. The summit will lay a solid foundation for the development of our great nation.

"This economic summit is significant not because it is organised by the north; it is the first major economic summit to be organised in this part of our country especially coming at a time in our history when we have just celebrated our 50th anniversary and a matter of weeks before our general election."

Sanusi expressed regret that in the 21st century, Nigerians are still talking about where the president should come from rather than the capability of the occupant of the office to deliver the dividends of democracy. He asked "are we saying that what we want are incompetent leaders so long as the elections are free and fair?

He said Nigeria does not support the growth of her local industries, but subject them to stiff competition.

"We are an OPEC member, we export crude oil and we import refined petroleum products. We are the world’s number one producer of cassava but we import refined starch. We have a large cotton belt stretching from Funtua, Gusau all the way to Biu in the north east and we import textile fabric from China. We have hides and skin and we do not have a leather goods industry.

"Our problems started from the abandonment of national economic plans and lack of articulate vision on how to build an economy and when we succumb to something called market forces. We import tomato paste".

The CBN Governor said the country spent $1 billion last year importing rice, "why should Nigeria import rice? That we do not have the land or we do not have the intelligence to farm? Or rice processing plants are high technology that is beyond the understanding of Nigerians?[/b]

give us the light!

Whats this hulabalo? So what have we been complaining about? Did Gej not blow the eca before it leaped up because of libya unrest? Whos fooling who?

at least it leaped for once since he took over the mantle,i will give that to hom but what is the point having billions in reserve when you cant boost of one international health institution or university not to even talk of roads and job security.

thanks to libya and maybe bahrain for this though

LoveKing:

Whats this hulabalo? So what have we been complaining about? Did Gej not blow the eca before it leaped up because of libya unrest? Whos fooling who?

THAT IS THE POINT!

A friend in Italy told me that there is fuel shortage there because of Libyan crisis
This crisis has increased the demand on our oil

How can this be a credit to Jonathan, o' mighty dingbat! (some Journalists need to be reminded that they are there to publish facts not bias)

It is a credit to the Libyans who are today fighting, arms and none, for their democracy , the Bahrain-ians who are out there, even with the thousands  of dollars bailed out to them individually, demanding democracy --- it is a credit to the Yemeni people who have refused to negotiate anything less then the deposition of their current sit-for-life president.

You INSULT them and spit on their dead, when you give credit for the fruit of their struggle to someone like Jonathan.

Years ago, when I described Jonathan as a vulture, I knew exactly what I am talking about. How can the history of a man, when it comes to what he claimed to be achievement is littered with other peoples misfortune?

This time again, he is claiming an economic guruship just because in Egypt, Libya, Tunisia, Bahrain, Yemen people are laying down their lives for good governance, which has dramatically shoot up the price of crude oil and suddenly an unexpected windfall for Jonathan and his inept governement and he is taking credit for it.

Jonathan is nothing but a vulture who unlike the eagle that hunt and kill its own food but wait until somone does the job and then he will gently land cleaned up.

^^^ were did you both see oil in yemen? ,abeg leave jona,at least he did not use this to fund his elections and has not squandered it yet.

THE VULTURE FEATURE IS BETTER

aguiyi:

^^^ were did you both see oil in yemen? ,abeg leave jona,at least he did not use this to fund his elections and has not squandered it yet.

THE VULTURE FEATURE IS BETTER

You have no clue what you are talking about. Are you aware that the balance of FR was about $50 billion when obj handed over to an inept and corrupt government Yar adua/GEJ. The question you should be asking is where did $18 billion and an ECA account of $20 billion go in under 4 years.

^^ ask your state governors

aguiyi:

^^^ were did you both see oil in yemen? ,abeg leave jona,[b]at least he did not use this to fund his elections [/b]and has not squandered it yet.

THE VULTURE FEATURE IS BETTER

Are you ABLE to provide some backing for the claim made above?

Mathematically

How much he met - $36b[b] =[/b]  

And why should we give him credit when oil is above 105? Even the evil genius will still have saved something. GEJ and this propagandists will not kill us o.

pls oooo,am not a gej stooge,so dont mind me,i really wish he would lose this coming elections.
when i had hope in him has passed,i even got insulted this morning during an argument by an Ibo colleague for saying gej is a failure and not the right candidate for the presidency.

aguiyi:

pls oooo,am not a gej stooge,so dont mind me,i really wish he would lose this coming elections.
when i had hope in him has passed,i even got insulted this morning during an argument by an Ibo colleague for saying gej is a failure and not the right candidate for the presidency.

I am asking because he has been accused of doing just that . . , using our money to fund his expensive campaign but he has yet to deny the allegations.

Damn! if I could get 0.1 percent of this loot, I will be a happy man. I must contest for president in 2015.

egift:

Mathematically

How much he met - $36b[b] =[/b]  

Also he have been having up to $40 extra per barel than his predecessors

Crude Oil:

Damn! if I could get 0.1 percent of this loot, I will be a happy man. I must contest for president in 2015.

Brother, thats right. I'm with You.

gej has already outdone his fathers 12billion oil windfall

watch out for episode 2

arab rebellion oil windfall misappropriation

egift:

Mathematically

How much he met - $36b[b] =[/b]

Lol! I thought it was all blown according to you rumour mongers, meanwhile it is actually busy increasing!
$4billion since November!

[size=14pt]Carry go, Uncle Joe, 2011 is yours!!!![/size]

Beaf:

Lol! I thought it was all blown according to you rumour mongers, meanwhile it is actually busy increasing!
$4billion since November!

[size=14pt]Carry go, Uncle Joe, 2011 is yours!!!![/size]

So Jonathan has finally paid you for the month of march, you have resumed work again

Good job President jonathan